New Members: Be sure to confirm your email address by clicking on the link that was sent to your email inbox. You will not be able to post messages until you click that link.

New Chande Trend Meter Indicator

dgammons
dgammons ✭
in Scanning
Hi, this new indicator was introduced today, and it looks great. Is there a way to extract the value of this indicator into a spreadsheet? Thanks!!
Doug

Comments

  • markd
    markd mod
    I'm guessing you mean daily readings over some period of time. TC's April 1 blog suggests the calculation is proprietary. If it were available, in theory you might be able to recreate it in Excel with downloaded "Past Data", but it sounds a little complicated.

    An alternative, if you are patient and determined, would be to write a scan that ends with

    rank by Chande Trend Meter

    Then, on the results page, in the "Available Actions" drop down, select "Download in CSV format". The last column will have the CTM value for each symbol for the scan date. If you back date the scan day by day, you will get the values for each day in a separate CSV file. Then you would do some cutting and pasting and sorting in Excel to create a table of values. So it's possible, but probably not very practical.
  • dgammons
    dgammons ✭
    hi. I am just looking to include CTM in the downloaded spreadsheet. So your answer gives me what i need. thanks.
    Doug
  • petero1298
    petero1298 ✭
    @ markd
    The last time I checked, I don't think CTM is available in the Basic Scan.
    Not sure about Advanced Scan, since I don't yet know how to use it.
    I'm a bit of a technophobe (Luddite).
    Cheers.
  • markd
    markd mod
    @petero1298 It is there in the Technical Indicators drop down on the Advanced Scan workbench. I don't see it in the Standard Workbench, as you indicated. If you want to see it there, you should contact Support.
  • petero1298
    petero1298 ✭
    @markd. Thanks very much for your kind feedback and advice. Will do. I'll probably also have to add "Learn Advance Scan" to my to-do-list. :-)
  • HoiMing
    HoiMing ✭
    edited April 2017
    According to the Chart School of the StockChart.com , stocks or ETFs with CTM score of 100 are in very strong uptrends.

    So does it mean we should buy a stock with high CTM score and high SCTR score
    such as BCR (CTM score=100, SCTR score = 99.4 dated 30Apr2017)

    If not, what other factors should I consider too ?
  • markd
    markd mod
    edited April 2017
    A sudden dramatic price move like BCR on Apr 24 should get you to check the news on that stock. For BCR, it was a buyout of BCR by BD (Becton Dickinson ). A good place to check news is Finviz.com. So there is probably no more upside for BCR, unless they hold out for more.

    Ironically, the ideal time to buy BCR would have been in December, when it broke a down trend in price, CTM and SCTR - but the readings for CTM and SCTR were both in the lower regions - under 50 for both.

    So the absolute level for an indicator is not necessarily a reliable buy signal.

    In general, it seems there are two good times to get into a stock - after it crosses above a falling long term average, like the 200 MA, and stays above it on the next reaction, and second, when it breaks out to a new annual high and stays above that high on the next reaction.

    For the 200 MA crossover, the SCTR and CTM readings will be relatively low because the stock has been falling. For the annual breakout, the reading will probably be pretty high.

    When the trend gets old - CTM and SCTR have been high for a long time - the odds for a sell off increase because a lot of people have profits and will take them if earnings prospects diminish.

  • HoiMing
    HoiMing ✭
    Thank you markd
  • BAJER
    BAJER ✭
    markd - Excuse my ignorance, but what do you mean by "next reaction"? Is it a market closing?
  • markd
    markd mod
    In the example above, a reaction would be the down leg - some number of bars - following the up leg that crossed over the 200 MA, or makes the new high.

Categories